Learn about Mining – SIC Division B – For Commercial Insurance. Insurance companies use SIC codes to classify your industry and calculate your premiums. See the class descriptions that fall under this primary SIC Division for business insurance underwriting and cost purposes.
Mining – SIC Division B
What’s the best way to describe your company’s business operations? Are you involved in the Mining industry?
If so, then your business classification falls under Mining – SIC Division B – For Commercial Insurance. Insurance companies use SIC codes to identify customers by industry code.
SIC Division codes help insurers with several analytical processes involving marketing, underwriting, exclusions, loss control, forms, pricing and other operations.
Division B – Mining – SIC Manual
This division includes all establishments primarily engaged in mining. The term mining is used in the broad sense to include the extraction of minerals occurring naturally: solids, such as coal and ores; liquids, such as crude petroleum; and gases such as natural gas. The term mining is also used in the broad sense to include quarrying, well operations, milling (e.g., crushing, screening, washing, flotation), and other preparation customarily done at the mine site, or as a part of mining activity.
Exploration and development of mineral properties are included. Services performed on a contract or fee basis in the development or operation of mineral properties are classified separately but within this division. Establishments which have complete responsibility for operating mines, quarries, or oil and gas wells for others on a contract or fee basis are classified according to the product mined rather than as mineral services.
Mining operations are classified, by industry, on the basis of the principal mineral produced, or, if there is no production, on the basis of the principal mineral for which exploration or development work is in process. The mining of culm banks, ore dumps, and tailing piles is classified as mining according to the principal mineral product derived.
The purification and distribution of water is classified in Transportation and Public Utilities, Industry 4941, and the bottling and distribution of natural spring and mineral waters is classified in Wholesale Trade, Industry 5149.
Crushing, grinding, or otherwise preparing clay, ceramic, and refractory minerals; barite, and miscellaneous nonmetallic minerals, except fuels, not in conjunction with mining or quarrying operations, are classified in Manufacturing, Industry 3295. Dressing of stone or slabs is classified in Manufacturing, Industry 3281, whether or not mining is done at the same establishment.
How SIC Classifications Effect Your Commercial Insurance Cost
But how does your Mining – SIC Division B – For Commercial Insurance classification affect your premium and insurance cost? Insurers selling commercial insurance use SIC codes in many ways – to analyze and classify the businesses they insure, or choose not insure. Some small business SIC code classifications can result in you paying higher premiums for your business insurance. It is important that your business is classified properly.
SIC Major Group Structure
Following is a list of the Major Group codes and titles for Mining – SIC Division B – For Commercial Insurance. Let’s look at some of the the SIC codes under your classification:
- Major Group 10: Metal Mining
- Major Group 12: Coal Mining
- Major Group 13: Oil And Gas Extraction
- Major Group 14: Mining And Quarrying Of Nonmetallic Minerals, Except Fuels
Mining – SIC Division B – For Commercial Insurance
We hope this information on Mining – SIC Division B – For Commercial Insurance has been helpful. Your classification determines how much you pay for your business insurance and more.